Gold prices today drifted lower by Rs 166 per 10 grams at the bullion market here amid weak global cues coupled with slackened demand from local jewellers and retailers.

Silver too weakened by Rs 391 per kg due to reduced offtake by industrial units.

Standard gold (99.5 purity) declined by Rs 166 to end at Rs 29,405 per 10 grams from last Friday’s closing level of Rs 29,571.

Pure gold (99.9 purity) also came down by a similar margin to close at Rs 29,555 per 10 grams from Rs 29,721.

Silver (.999 fineness) fell by Rs 391 to conclude at Rs 39,420 per kg as against Rs 39,811 earlier.

Globally, Gold hit its lowest in more than two weeks as expectations that Japan’s ultra-loose monetary policy would stay in place after Shinzo Abe’s election victory at the weekend lifted the dollar to a three-month high versus the yen.

Spot gold was down 0.4 per cent at USD 1,275.30 an ounce at early trade, having touched its lowest since October 6 at USD 1,273.61.

Among other precious metals, silver eased by 0.3 per cent to USD 16.94 an ounce.